The training started with an opening prayer by HR Romeo at 9:45am. The head of the HR Department, Mr. Thomas Ofosu Oware on behalf of the Chief Director and staff, welcomed the facilitators from SSNIT and NPRA to CRCC.
Facilitators
Gilbert Adam Arhinful- NPRA
Fiifi Essuman-Arthur- NPRA
Phidelia Antwi- NPRA
Hasana Alhassan Ibrahim- NPRA
Robert Henry Ansah- NPRA
Sarah Ampadu- SSNIT
Richard K Ampah- SSNIT
Officials from SSNIT made the first presentation. They made it known to the staff the type of benefits associated with the SSNIT scheme.
OLD AGE PENSION
This amount is paid to a member of the scheme who retires from active service at the age of 60 and has contributed not less than 180 months under Act 766. It is either paid in full or reduced pension. A contributor who qualifies for old age scheme should have attained the age of 55 for reduced pension or 60 years for full pension.
SURVIVOR’S LUMPSUM
This amount is paid as a lumpsum to the nominated dependents of a member upon his or her death whiles in active service or retirement. A pensioner who dies before he or she attains age 75 will have his or her nominated dependent paid a lumpsum (survivor’s lumpsum benefits)
INVALIDITY PENSION
This is financial support for members who become permanently incapable of working due to a physical or mental disability. This is designed to replace a portion of the members’ lost income and provide financial security during the period of incapacitation. A member must have a minimum of 12 months contribution within the last 36 months and have been declared permanently invalid by a recognized medical practitioner and certified by SSNIT Medical Board. Payments will continue to the member until he or she recovers or until death and ensures that the member and the dependents receive the necessary financial support.
EMIGRATION LUMPSUM
With this the benefit is paid to a non-Ghanaian member of the SSNIT scheme who can prove that he or she migrated permanently from Ghana.
FACTORS USED IN DETERMINING PENSION.
Best 36 months’ average salary – the highest earning for 36 consecutive months and not the final salary. It serves as the basis for calculation.
Percentage pension- It starts at 37.5% after 15 years of contribution and increases every year.
Pension Right – That is the number of years contributed to the scheme.
Age at Retirement – That is the age at which one’s retirement affects his or her pension contributions. When one retires at 60 years, pension is calculated fully i.e full amount is calculated unlike when one retires between 55 to 59 years. With this one’s pension will be reduced.
Members of staff were taken through how to calculate one’s SSNIT pension and the use of the SSNIT App.
NPRA
Officials from NPRA also made it known to staff about their mandate.
Their mandate includes:
Regulating and supervising of pension schemes in Ghana
Ensuring compliance with pension regulations and standards.
They also advise trustees on how investments are to be made in conformity with the National Pension Act.
Members were taken through how to use Tier 3 as a mortgage depending on the amount. It allows contributors to secure a mortgage for purchasing, completing or improving their residential property.
